Form 1099-B Missing Cost or Other Basis

Forum|Forum|3 years ago
April 5, 2023
3 replies
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I received Form 1099-B with 2 boxes missing information: date acquired (box 1b) and cost or other basis (box 1c). I imagine this is in direct result of the original fund being absorbed then reabsorbed over the years. Should I estimate the date acquired? And how should I handle the missing information from box 1c?

Ask the Experts - Refund - April 2023

JamesG1

Level 15

You may have retained records and other information from the original fund purchase that would give you direction on the date acquired and cost or other basis. You may have to make educated estimates.

Without a date, the 1099-B likely does not report long-term or short-term treatment. If you have owned the investment for more than one year, you will qualify for long-term capital gain treatment.

Retain copies of the records that you use to determine the date acquired and cost or other basis should the tax authorities have questions about your tax return at a later time.

@heatherm6

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heatherm6Author

Level 2

Thank you for your reply to my question. I can certainly estimate the date but not the cost basis. This was given to me by a family member more than 25 years ago. In the absence of having that, is there a recommendation? $0 dollars for cost basis?

GeorgeM777

Level 11

If you can estimate the date, then you might consider a search through Yahoo Finance or another financial search engine. For equities, Yahoo Finance can go back more than twenty years. If the fund's name has changed, you might consider doing a search using Google to determine prior names of the fund. If you decide to use zero as the cost basis, you probably will not be penalized for underreporting the tax as all of your proceeds will be subject to capital gains tax, probably long-term based on what you stated in your post.

@heatherm6

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